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Anglo American Miner Is Set to Invest Millions in the Operation and Maintenance Project of the Minas-Rio Iron Ore System in Conceição do Mato Dentro
The investments of up to US$ 330 million that Anglo American will make in Brazil this year, around three-quarters will be allocated to the Minas-Rio iron ore system, located in Conceição do Mato Dentro, in the state of Minas Gerais. The mining company said that in 2020, the project had the best financial performance since it started operating in 2014.
Iron Ore Production in the Minas-Rio System
In 2020, Anglo American produced around 24 million tons of iron ore within the Minas-Rio system, an increase of 4% compared to what was produced in 2019. Thus, in 2021, production is expected to be 25 million tons or more.
Driven by rising iron ore prices, increased production, real cost depreciation, and cost reductions, the system’s cash flow increased by 60% as measured by Ebitda.
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This figure shows how much a company generates in resources only from its operational activities, without considering financial and tax effects. The amount represents about 20% of Anglo’s global Ebitda, which emphasized in the balance sheet the importance of the Brazilian operation in mitigating the pandemic’s impact on its business.
The Anglo American Mining Project
According to the company, Minas-Rio is its iron ore operation in Brazil. It is located in the states of Minas Gerais and Rio de Janeiro. It is a fully integrated iron ore export operation, with a mine, processing plant, pipeline, and dedicated terminal at the Port of Açu. The mining company owns 100% of Minas-Rio, except for the port facility, in which it holds 50% in a joint venture with Ferroport.
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